India’s economy extended its slump in the last quarter, leaving the emerging market on track for its worst year in a decade.
The country’s gross domestic product grew at 5.3% between July and September, a slip from the 5.5% posted for the three months ending in June.
But it’s all relative: Boris Johnson, pictured. London’s Mayor will today fly home from India after touring the country for a week, would be thrilled with such a figure.
Britain’s gross domestic product grew by 1% between July and September, with big help from the Olympics and a Diamond Jubilee bounceback.
But the economic adviser of India’s prime minister Manmohan Singh now expects Indian GDP to grow between 5.5% and 6% this year — which would be the slowest since 2002-03.
Facing the prospect of India’s economic downturn stretching into 2014, a general election year, Singh has this autumn launched a series of daring initiatives, including raising subsidised diesel prices and controversially opening up sectors including supermarkets to foreign players, triggering a market rally.
